1Q23 earnings miss on gross margin
–Margin intact with topline acceleration
–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23/FY24E
金沙中国23Q3复苏明显,EBITDA margin持续上升
Clear path to margin recovery; Upgrade to BUY
1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24
China Catering Sector: Customer traffic recovering; to drive margins in FY23
Gradual revenue and margin recovery in FY23
China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad/Wearablese
Margin improvement driven by economies of scale